Judo Bank - The bank you’ve never heard of that’s hitting term deposits out of the park
They’re one of the newest kids on the block in the world of Australian term deposits, but Judo Bank certainly aren’t content with just blending in.
In recent months, term deposit rates are rising left, right and centre in wake of the anticipated RBA hike, and Judo Bank has been increasing its rates almost fortnightly!
In fact, at the time of publishing, the neobank is currently sitting on some of the top spots for the highest rates in the Mozo database for 1-year, 2-year, 3-year, 4-year and 5-year terms.
Interest rates with Judo Bank’s Term Deposit account go as high as 4.05% p.a. on 5-year terms, plus customers who roll over their principal after it reaches maturity to another Judo Bank term deposit will be able to grab a 0.10% loyalty bonus.
“It’s great to see a new bank come into the market promising to offer some of the best rates around,” said Mozo Banking Expert, Peter Marshall.
“So far Judo have stuck to their guns, as they've consistently been offering some of the highest rates in our database for a number of terms since their launch.”
Judo was even recognised by Mozo's experts in the 2022 Mozo Experts Choice Term Deposit Awards^, becoming one of only a handful of banks to take out an Award for Best Term Deposit.
While interest rates aren’t much to write home about at present, Judo isn't alone in offering competitive rates to Aussie savers. So if you’re looking for a more rewarding account to stash your cash in, you might be interested in looking at Judo's term deposit and some of the savings accounts we’ve wrapped up below.
Judo Bank - Term Deposit
- 4.05% p.a. interest rate for a 5-year term
- 0.10% loyalty bonus
- Interest paid to bank of your choice
Whether you’re looking for a short or long term place to stash your cash, Judo Bank has some seriously competitive term deposit interest rates on offer across a number of terms. Savers will be able to grab a rate of 4.05% p.a. for a 5-year term and between 0.90% p.a. and 3.85% p.a. for other terms. That’s not all though, as customers who roll over their principal after it reaches maturity to another Judo Bank term deposit will be able to grab a 0.10% loyalty bonus, plus Judo lets customers nominate the bank they want their interest paid into.
MyState Bank - Bonus Saver Account
- 2022 Mozo Experts Choice Award^
- 1.10% p.a. maximum rate
- Highest rate applies to balances up to $250,000
If you’re looking to earn a competitive ongoing interest rate on your savings then the 2022 Mozo Experts Choice Award winning Bonus Saver Account from MyState Bank might just have your name on it. The account features a maximum rate of 1.10% p.a. for savers who make a monthly deposit of $20 or more and make at least five debit card transactions with a linked MyState transaction account each month. Plus there’s no monthly fee attached to the account, the maximum rate of 1.10% p.a. applies on balances of up to $250,000. Just bear in mind, balances over that amount will only earn the base rate of 0.05% p.a. though.
Virgin Money - Boost Saver with Go Account
- 1.00% p.a. maximum rate
- Create savings goals
- 20,000 bonus Virgin Money Points (conditions apply)
The Boost Saver with Go Account is one of the newest savings accounts around, but it's already made a real impression. The account features an ongoing maximum rate of 1.20% p.a. for users who are able to meet some monthly requirements: for over 25’s these include depositing $2,000+ from an external account and making five settled purchases or direct debits with the linked Go transaction account (requirements are lower for younger customers). Aside from the rate, savers can create up to 9 different savings goals in the Virgin Money app, plus new customers will receive 20,000 Virgin Money Points when they open an account before May 31, 2022 and spend at least $100 in the first 30 days. Just remember, the base rate is a much lower 0.05% p.a.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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